Simplified buy to let mortgage processes from OneSavings Bank.

Some landlords could hold the view that the buy to let mortgage market has become very challenging and difficult.

The new regulations phased in during 2017 have affected how mortgage applications are underwritten and landlords are being faced with producing much more paperwork to justify their income vs expenditure and borrowing needs.

However, OneSavings Bank has taken a step towards supporting landlords and simplified its interest coverage ratio requirements. The details are:

individual applicant for standard buy to let property – 140% ICR

individual applicant for specialist buy to let property – 160% ICR

limited company for standard buy to let property – 125% ICR

limited company for specialist buy to let property – 145% ICR

These changes could mean that landlords can borrow more if they need to. To find out if these changes can benefit you or whether a product from another lender would suit your purposes better, speak to us at Deal Direct.

We are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of a property as an investment, you will need to contact an independent financial adviser.

Please note:

Buy to let mortgage applications from:

applicants whose intention is to benefit from house price growth

applicants whose intention is to benefit from rental income

applicants who are letting to buy

will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.

Deal Direct is a trading style of Deal Direct Financial Solutions Ltd which is authorised and regulated by the
Financial Conduct Authority for regulated mortgage and non-investment insurance contracts.
Our FCA Number is 478726. The overall cost for comparison is estimated to be 4.95% APR. Subject to circumstances,
a completion fee may be payable, typically £198 upfront
& £799 on completion.
If your circumstances or history involves any adverse credit, complex situations or a commercial element then
this may increase to a maximum of £2594 with a minimum of £99 payable upon application.
Your adviser will, in all cases, confirm all costs in writing prior to any application being made.

Any reference to the Financial Services Authority (FSA) in any of our documentation should be read as Financial Conduct Authority (FCA)

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